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Discussion Starter #21
Very shack, ExB5.

Sadly, my budget is $300/mo. So to make it work, the OTD can't be any bigger than $23000 or so, because I have a $4000 trade-in to bring down the financing to ~$19000. I am STILL waiting for my damn CU to get back to me on what rate they can get me on a 72mo loan. Initially they quoted me a whopping 7.49% (and I have a 827 credit score). So I looked into getting a co-signer. (ugh)
 

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Very shack, ExB5.

Sadly, my budget is $300/mo. So to make it work, the OTD can't be any bigger than $23000 or so, because I have a $4000 trade-in to bring down the financing to ~$19000. I am STILL waiting for my damn CU to get back to me on what rate they can get me on a 72mo loan. Initially they quoted me a whopping 7.49% (and I have a 827 credit score). So I looked into getting a co-signer. (ugh)
You need a new credit union . . . I bought my MS6 about a year ago, and have a worse credit score, put $1500 down, and got like 3.49% or something . . .


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Discussion Starter #23
You need a new credit union . . . I bought my MS6 about a year ago, and have a worse credit score, put $1500 down, and got like 3.49% or something . . .


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Well, I called up the CU because the lady I was dealing with STILL hadn't gotten back to me, but she pulled my record and said "We see she made a note of the current request."

Pre-approved for 18,000 on a 75mo loan at 2.99%

Of course, I had told her I needed pre-approval for 23,000, and that I would be putting 4,000 immediately against the loan (finance it at 23k-4k = 19k). Plus she assumed I was taking advantage of their 3-month deferred first payment (where interest accrues), which is why she listed 75-month instead of 72. What I WANTED was the numbers on:

Pre-approval for 23,000 on a 72mo loan at ???% (Would love 2.99 or lower)

Of course, I only got the rate quoted so far with a freaking co-signer.... I just don't get it. I guess it wouldn't hurt to see what kind of rates I could get by going with Mazda's financier, Chase bank. As long as doing so does not skew the numbers or add any fees/charges...
 

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2.9 seems like you should get that for a 800+ credit score without a co-signer...which credit score is that? Any fico score over I'd say 700-750 should get you the lowest interest rate with Mazda (1.9% for 60 mo?). You should really look into 60 month or lower. Lower rates plus you don't want to be paying 300+ a month for your car when its worth pennies. Mazda capital financing is very good, no fees and no penalty for paying early. If you finance 19k you should be paying around $325 a month. If you can't afford the extra $25 a month, you prolly shouldn't be buying a new car :)

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Discussion Starter #25
Finally, she got back to me! $23,000 pre-approved. She said if I finance 20K or more, the rate is 2.74%. If less than 20K, the rate is 2.99%.

Well, even though I have 4K to put on the loan immediately:

20,000 (with 1K extra in bank) @ 2.74% over 72mo = $301.55/mo (a tad over my $300/mo budget)

19,000 (all 4K applied on loan) @ 2.99% over 72mo = $288.59/mo (Houston, we have a winner!)

So I'll just do the latter. I contacted Mazda and they stated 1.9% goes up to 60mo, and their 72mo raises the rate to 2.9%, so for the convenience of staying with my bank who can auto-withdrawl from my account each month, that 0.09% difference is fine by me.

When I state $300/mo is my budget, I COULD afford $500/mo car. I'd have to make my dollar stretch, but it'd still be feasible. I just didn't want to blow massive amounts of money in this sale. I feel I'm getting a great car for a great price, so I'm a happy camper. :) You guys have been very helpful.
 

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Finally, she got back to me! $23,000 pre-approved. She said if I finance 20K or more, the rate is 2.74%. If less than 20K, the rate is 2.99%.

Well, even though I have 4K to put on the loan immediately:

20,000 (with 1K extra in bank) @ 2.74% over 72mo = $301.55/mo (a tad over my $300/mo budget)

19,000 (all 4K applied on loan) @ 2.99% over 72mo = $288.59/mo (Houston, we have a winner!)

So I'll just do the latter. I contacted Mazda and they stated 1.9% goes up to 60mo, and their 72mo raises the rate to 2.9%, so for the convenience of staying with my bank who can auto-withdrawl from my account each month, that 0.09% difference is fine by me.

When I state $300/mo is my budget, I COULD afford $500/mo car. I'd have to make my dollar stretch, but it'd still be feasible. I just didn't want to blow massive amounts of money in this sale. I feel I'm getting a great car for a great price, so I'm a happy camper. :) You guys have been very helpful.
You are better off taking a loan for 20k and then making a first months payment with the extra 1000 added in to that first payment! Lower interest, and assuming no prepayment penalties. 13 bucks extra a month no biggie! This does sound fishy though that a higher loan amount gives you lower interest rate...usually it is opposite. Also, Chase let's you auto deduct from a different bank account for free, so that wouldn't be an issue.

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Discussion Starter #27
I did the math, and the difference between the interest paid between 20K @ 2.74 and 19K @ 2.99 was like $80. Glad to know that Chase isn't looking to make bank off the transaction though. I used their online loan calculator and got the exact same numbers.

The CU I went through stated that "At 20,000 financed, the co-sign rate is 2.74" I guess it's their way of enticing bigger loans, but the small $1000 difference, and the 2.74 to 2.99 interest difference really makes for, as you noted, a rather small difference in the monthly cost.
 

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I did the math, and the difference between the interest paid between 20K @ 2.74 and 19K @ 2.99 was like $80. Glad to know that Chase isn't looking to make bank off the transaction though. I used their online loan calculator and got the exact same numbers.

The CU I went through stated that "At 20,000 financed, the co-sign rate is 2.74" I guess it's their way of enticing bigger loans, but the small $1000 difference, and the 2.74 to 2.99 interest difference really makes for, as you noted, a rather small difference in the monthly cost.
Well sounds like you got it figured out. Good luck with the dealer! Can't wait for pics of the new ride!

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Discussion Starter #29
Well sounds like you got it figured out. Good luck with the dealer! Can't wait for pics of the new ride!

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You got it buddy. Gonna see if I can get a coworker who's damn good with a camera to get snappy snappy on my zoom zoom. :)

In the event he cannot capture the essence of beauty, I will throw his camera to the ground and say "NO! NO! Try again! And this time, don't embarrass yourself!"
 

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i was torn between them, sport was cheaper and the 17"s are much cheaper to replace tire wise, but the touring was what I really wanted and i decided to just do it and not regret it later. so yup, no regrets on the touring
 

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Finally, she got back to me! $23,000 pre-approved. She said if I finance 20K or more, the rate is 2.74%. If less than 20K, the rate is 2.99%.

Well, even though I have 4K to put on the loan immediately:

20,000 (with 1K extra in bank) @ 2.74% over 72mo = $301.55/mo (a tad over my $300/mo budget)

19,000 (all 4K applied on loan) @ 2.99% over 72mo = $288.59/mo (Houston, we have a winner!)

So I'll just do the latter. I contacted Mazda and they stated 1.9% goes up to 60mo, and their 72mo raises the rate to 2.9%, so for the convenience of staying with my bank who can auto-withdrawl from my account each month, that 0.09% difference is fine by me.

When I state $300/mo is my budget, I COULD afford $500/mo car. I'd have to make my dollar stretch, but it'd still be feasible. I just didn't want to blow massive amounts of money in this sale. I feel I'm getting a great car for a great price, so I'm a happy camper. :) You guys have been very helpful.
Did you shop around for a CU? 2.9% from a CU...seems high to me. Big Bankster BofA is currently lower than that, currently at 2.59% (72mos; at least in my LA zip).

Well, your CU already did a "hard hit" on your credit..so I'd say, stay with it.

Good Luck on the purchase process...and Congrats in advance!!
 

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Discussion Starter #32
I was looking at TrueCar's breakdown of purchases on the 2014 Mazda6 Sport ATX. I couldn't determine whether it was listing the prices as BEFORE taxes or an OTD price.

It states at the lowest of the bell curve: "1 person paid between $21,735 and $21,875" under the "Unusually Low Price" area. Well, if they're talking about the price paid BEFORE the taxes, but including all dealers charges, I'm $400 under that AND I have 3 options on my car! *beams proudly*

Of course, if they're talking about an OTD price, then I'm in the "Above Market" right below the MSRP's $23,290. But again, I have 3 options valued by the dealer at $125 each.

Will be going to the dealer this Saturday to start the process, making sure that everything comes out to the numbers I ran and that there are no "Gotchas" or changes to the plan. So happy! So happy! I'm gonna fire off Mazda Corporate a Kudos to my dealer because I really do feel like I'm getting a great car for a great price. Here's to hoping all goes well!
 

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I was looking at TrueCar's breakdown of purchases on the 2014 Mazda6 Sport ATX. I couldn't determine whether it was listing the prices as BEFORE taxes or an OTD price.

It states at the lowest of the bell curve: "1 person paid between $21,735 and $21,875" under the "Unusually Low Price" area. Well, if they're talking about the price paid BEFORE the taxes, but including all dealers charges, I'm $400 under that AND I have 3 options on my car! *beams proudly*

Of course, if they're talking about an OTD price, then I'm in the "Above Market" right below the MSRP's $23,290. But again, I have 3 options valued by the dealer at $125 each.

Will be going to the dealer this Saturday to start the process, making sure that everything comes out to the numbers I ran and that there are no "Gotchas" or changes to the plan. So happy! So happy! I'm gonna fire off Mazda Corporate a Kudos to my dealer because I really do feel like I'm getting a great car for a great price. Here's to hoping all goes well!
That's would be a great deal. And they are NOT talking about OTD, just the agreed upon sale price.

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So happy! So happy! I'm gonna fire off Mazda Corporate a Kudos to my dealer because I really do feel like I'm getting a great car for a great price. Here's to hoping all goes well!
Do that AFTER driving off with the car, at your terms. Wow, are you this much elated....you have not even obtained the car yet. :rolleyes:

And POCKET your "enthusiasm"/excitement (of the car) upon entering the stealership...show that emotion, and you will be putty in the sleazeballs hands, in no time.
 

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Discussion Starter #35
That's would be a great deal. And they are NOT talking about OTD, just the agreed upon sale price.

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Wow. Well in that case, if this sale goes through as described.... I da man! :D Scheduled tomorrow at 11AM to start signing off on the papers and get the ball rolling. Can't wait!

Do that AFTER driving off with the car, at your terms. Wow, are you this much elated....you have not even obtained the car yet. :rolleyes:

And POCKET your "enthusiasm"/excitement (of the car) upon entering the stealership...show that emotion, and you will be putty in the sleazeballs hands, in no time.
Believe you me; my poker face is always on at the dealership. You can't fault me for being excited; it's a thing called anticipation! ;) I'm still a fan of the "show me" mentality, so I'm not considering this thing to bed until I've signed the papers.
 

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Discussion Starter #36
IT IS DONE!!!

2.49% with NO COSIGNER needed through Bank of America for 20,000. Comes to 299.33/mo (JUST under my 300/mo budget). I put the deposit down, so they are working on getting the car in for me.

*Does the happy dance* I am now not only the lowest person on the TrueCar bell graph, but that price included 3 options! :D
 

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Discussion Starter #37
I'll be using the $1000 I "saved" to upgrade the factory cloth to leather. Looking at a local dealer who deals with Pecca Leather. Finding out what I can get for the money I can afford.
 

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Will the 19" rims get you better MPG vs. the 17" rims? The taller rims will reduce the RPM at highways speeds, right?

At 70MPH in 6th gear, what are the RPMs of the 17" vs 19" rims?
 

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Discussion Starter #39
Will the 19" rims get you better MPG vs. the 17" rims? The taller rims will reduce the RPM at highways speeds, right?

At 70MPH in 6th gear, what are the RPMs of the 17" vs 19" rims?
Well, in order to stay within my $300/mo budget, I went with the iSport. Had an opportunity to drive it on the interstate highway today. This car's transmission is BUTTER smooth. Great acceleration and breaking, and an overly zealous grip on the road that is VERY responsive.

My MPG gauge was going crazy (they said it will stable out in time) but it was going from like 74.3mpg to 21.0mpg and everything in between. Needless to say, in my previous car (2004 Hyundai Elantra GT i4 2.0L) had a 14.5G tank and took 50% of that to travel 130 miles. (18-20MPG) but this car has a 16.4G tank and used 25% of it for the same 130 miles (30-33MPG). I freaking LOVE that!

When on the highway, the engine seemed very quiet and smooth. I had an issue when sitting at idle (~500-600rpm) where the car for a moment felt a little rough) but that only happened 1 time in all the times I went to idle for the trip.
 

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Will the 19" rims get you better MPG vs. the 17" rims? The taller rims will reduce the RPM at highways speeds, right?

At 70MPH in 6th gear, what are the RPMs of the 17" vs 19" rims?
I am pretty sure that the outer diameter of the tire is the same, so there should be no difference in RPM. The bigger the rim the thinner is the rubber sidewall. A lot of people say this results in choppier, noisier ride. The 17 inch rims will also save you money when the time comes to buy new rubber. Anything that fits on 19s is considered low profile and "exotic" so normally the prices are higher for those tires even though performance can be identical. It's kind of funny how the fashions have evolved. In the 90s, a midsize car came with 15 inch rims standard, and 16 were premium. I kind of hated the 15 inch rims because they won't clear any decently sized disc brakes. In early 2000s, the 16s became standard, and 17s were premium. Now it looks like 16-17s are standard, and 18-19s are premium.
 
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